Walk through the empty parking lots of the old Phoenix AZ Metro Center today and it feels like a movie set for a post-apocalyptic thriller. It’s quiet. Too quiet for a place that used to be the literal heartbeat of North Phoenix. If you grew up here in the 80s or 90s, you remember the smell of Auntie Anne’s pretzels and the neon glow of the Tilt Studio arcade. It wasn’t just a mall; it was the "place to be."
But the world changed. Amazon happened. Then 2020 happened. Now, the 100-plus acre site is sitting in the middle of a massive $750 million transformation that is, quite honestly, one of the most ambitious urban infill projects in the entire Southwest.
It’s not just about tearing down old walls.
The Phoenix AZ Metro Center project is a test case. Can we actually turn "dead retail" into a functional, walkable neighborhood? Or is it just going to be another cluster of overpriced apartments? Developers like Concord Wilshire and TLG Investment Partners are betting nearly a billion dollars that they can make the former "Greyfield" site a crown jewel again.
The Rise, Fall, and Ghost Town Era
In 1973, Metrocenter was a marvel. It was the first mall in the United States to have five department store anchors. Think about that for a second. Sears, Goldwaters, Diamond’s, Rhodes, and The Broadway all under one roof. It was so iconic that Bill & Ted’s Excellent Adventure filmed there because it looked like the quintessential American mall.
The decline wasn't overnight. It was a slow bleed.
By the mid-2000s, the demographics of the surrounding neighborhood shifted. Then the Great Recession hit. One by one, the anchors started folding. Sears left. Macy's left. By the time the mall officially closed its doors in June 2020, it was basically a shell. It’s sad, really. You have this massive infrastructure—roads, power lines, transit access—just rotting away while the city struggles with a housing crisis.
What is Actually Happening at Phoenix AZ Metro Center Now?
Forget the old food court. The vision for the new Metro Center is a "Village." That sounds like marketing fluff, but the plans are actually pretty granular. We are looking at over 2,600 multifamily residential units.
That’s a lot of people.
To support that many residents, the developers are planning about 150,000 square feet of retail and restaurant space. The goal is to create a "15-minute city" vibe where you can walk out of your apartment, grab a coffee, go to the gym, and hop on the Light Rail without ever touching your car keys. Speaking of the Light Rail, that’s the real game-changer here.
The Valley Metro Light Rail extension is a $400 million investment on its own. It literally bridges the gap between the mall site and the rest of the Phoenix transit system. The station is elevated, looking down over the redevelopment. It’s the first of its kind in the valley. If you work downtown but can’t afford $2,500 for a studio on Roosevelt Row, this becomes a very attractive alternative.
The Preservation of the "Fun"
People were worried about the iconic things. What happens to Castles N' Coasters?
Good news: it stays.
The amusement park is technically a separate entity and remains a staple of the area. The redevelopment has to play nice with the park, which actually helps the "entertainment" aspect of the new Phoenix AZ Metro Center. Developers want to keep that energy. They are planning a "town square" area that could host farmers' markets or outdoor concerts.
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The Economic Reality and the Gentrification Question
Let’s be real for a minute. When a developer says "revitalization," some people hear "my rent is going up."
The North Phoenix area around Metrocenter has historically been more affordable than the East Valley or Scottsdale. By dumping $750 million into this specific zip code, the property values in the immediate vicinity are going to jump. That's great for homeowners who have been waiting decades for a rebound. It's less great for renters in the older apartment complexes nearby.
The City of Phoenix has been pushing for this for years. They designated the area as a primary redevelopment zone. Why? Because the city needs the tax revenue. A dead mall pays almost nothing in sales tax. A vibrant district with 2,000 apartments and dozens of shops generates millions.
It’s a massive gamble on "New Urbanism."
Why the Design is Different This Time
The biggest mistake of the 1970s mall was the "Moat." You know what I’m talking about—that massive, scorching hot sea of asphalt that surrounded the building. It was designed for cars, not people.
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The new Phoenix AZ Metro Center design flips that.
- Shade is the priority. You can't have a walkable space in Phoenix without a massive canopy or building-integrated shade.
- Mixed-use is vertical. Instead of a flat mall, think shops on the bottom and 4-5 stories of apartments on top.
- Internal parks. They are planning green spaces that act as "cooling lungs" for the concrete jungle.
Honestly, the sheer scale is hard to wrap your head around. It’s like building a small town from scratch in the middle of a city that’s already grown up around it.
The Timeline: When Can You Actually Go There?
Demolition has been the big story lately. Watching the old walls come down is cathartic for some and heartbreaking for others. Construction of this magnitude doesn't happen in a weekend. We are looking at a multi-phase rollout.
The Light Rail extension is already a reality, but the full build-out of the residential and retail "village" is likely a 5-to-10-year journey. You’ll start seeing the first residents moving in likely by late 2026 or 2027, depending on how interest rates and construction costs fluctuate.
Actionable Steps for Locals and Investors
If you're looking at the Phoenix AZ Metro Center and wondering how to play this, here is the breakdown.
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For Homebuyers and Investors: Keep an eye on the "halo effect." Neighborhoods within a 2-mile radius of the mall—specifically those to the west and north—are likely to see a steady climb in equity as the project nears completion. Look for "fixer-uppers" in established neighborhoods that haven't seen much love since 1980.
For Business Owners: The city is going to be hungry for "third spaces." Coffee shops, boutique fitness, and coworking spaces are going to be in high demand once those 2,600 residential units start filling up. Getting in early on the commercial leases surrounding the main site might be the smartest move you make this decade.
For Residents: Pay attention to the City Council meetings. The "North Mountain Redevelopment Area" plan is public record. If you want a say in what kind of parks or bike lanes get built, that’s where you go. Don't wait until the concrete is poured to complain about the traffic flow.
The Phoenix AZ Metro Center isn't just a nostalgic memory anymore. It's a massive, expensive, and necessary evolution of how Phoenix functions. It's moving away from the "drive-in, shop, drive-out" model and trying to become a place where people actually live their lives. It's a bold move. We'll see if it pays off.